BILLS are to be reduced by £12 a year on average after new price controls were agreed by five of the six companies that run Britain's electricity network.
Regulator Ofgem said the cut has been driven by £2.1 billion of savings it has secured from the companies' business plans since last year.
Ofgem's proposals will see the distribution companies spend £17 billion to upgrade and maintain Britain's local electricity network.
At the same time, the distribution part of the energy bill - which accounts for 8% of an annual dual fuel bill - will be on average £12 a year lower than it is today for the eight-year period between April 2015 and 2023.
© Press Association 2014
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